Capital Firm Will Relocate Headquarters from Sterling, Va., to the District
WASHINGTON, D.C. – Mayor Gray has announced the District's plans to provide a $100,000 grant to the venture-capital firm Fortify.vc, which will relocate its headquarters from Sterling, Va., to the District and open a technology-startup accelerator to fast-track the growth of companies in which the firm has invested.
"As entrepreneurs work to create jobs that District residents need, my administration is working to help them refine their ideas and grow their businesses," said Mayor Gray. "The District's technology sector has grown consistently over the last 10 years, and we hope that Fortify.vc's accelerator will help diversify our economy, nurture our entrepreneurial culture, spur innovation and create jobs."
Fortify.vc has already funded 10 portfolio companies, and an additional 12 companies or more will begin a six-month acceleration program this month at Fortify.vc's new downtown headquarters.
During the program, founders will refine their products and business models, focus on development and distribution, spend time with mentors and the Fortify.vc team, and some may raise additional funding to stimulate growth.
Fortify.vc Founding Partner Jonathon Perrelli is a native of the D.C. region, has made investments in West Coast companies, and plans to invest globally in companies founded by visionary entrepreneurs with defendable market positions in rapidly emerging or high-growth sectors. "On behalf of our portfolio companies, our Limited Partners, our Mentors, and our families, we are excited to be launching 'The Fort' in the heart of the nation's capital, just two blocks north of the White House," said Jonathon Perrelli, founding partner of Fortify.vc. "Our team loves the entrepreneurial process, we care deeply about the success of the District and this region, and we work very closely with the founders that we are invested in to accelerate their success."